Following a successful decade in business, ParkCloud has solidified its position as a market leading parking reservation provider, with a significant announcement today regarding the company’s future growth plans.
ParkCloud will be expanding its shareholder base with investment partner, Mercia Fund Managers, allowing the company to move forward with a new ownership structure.
Mercia Fund Managers’ equity stake, which has been invested through funding from its £45.1million EV Growth II Fund, will enable co-founders Joe Kennedy and Mark Pointon to step down, and founder and current Managing Director Mark Pegler to focus on the continued growth of the company as majority shareholder.
Commenting on ParkCloud’s new commercial structure, Mark Pegler, said, “This year we celebrate ParkCloud's 10th birthday, over which time we've established the ParkCloud brand and created a significant presence in a wide spectrum of markets: this coincides well with what will be a step change for the company, as we enter our second decade. Having Mercia Fund Managers on board for the next exciting phase of our business is really going to help accelerate our growth.
“First and foremost, we remain dedicated to our team, customers and suppliers, with our new structure supporting our plans to explore new technologies, further enhancing the booking journey for our global network.”
Wayne Thomas, who leads the EV Growth team, said, “ParkCloud is the leading independent aggregator of its type and stands out within the industry due to its size and international reach. The business is well-positioned within the expanding travel market and has the potential for much further growth. This investment will allow Mark to pursue his growth strategy. We look forward to working with him as he continues to build the business.”
